Perhaps that explains why China's CDS spread remains at its highest since the summer credit crunch, barely budging on last night's cash drop. At double the default risk of Japan, China appears far from out of the contagion fire.

China's risk makes the US debt ceiling debacle look miniscule and while liquidity does not reign supreme in these markets, the last few months have seen considerably more activity in Asian sovereign CDS...

China's Academy of Social Sciences Zhang Ming had a few other things to say...

*CHINA EXPORTS MAY NOT BE AS GOOD AS MARKET EXPECTS: ZHANG

*CHINA MONETARY POLICY TO REMAIN RELATIVELY TIGHT IN 2014: ZHANG

*YUAN APPRECIATION COMING TO AN END, CASS'S ZHANG MING SAYS

*YUAN MAY WEAKEN AFTER REACHING 6 PER DOLLAR: RESEARCHER ZHANG

and typically is seen as yet another mouthpiece for the administration... so that won't please Schumer and his crowd...